TY P UN UBL O IC C S E C K H www.rcps.us O O N O A L O S 5937 Cove Road R ROANOKE COUNTY Roanoke, VA 24019 O (540) 562-3900 p dy Public Schools p a ortunity Re ROANOKE, VIRGINIA A component unit of the County of Roanoke, Virginia COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended: June 30, 2020 Cover design Chuck Lionberger, Director of Communications Roanoke County Public Schools (A Component Unit of the County of Roanoke, Virginia) Comprehensive Annual Financial Report For the Year Ended June 30, 2020 Prepared by the Finance Department Ms. Susan L. Peterson, MA, CPA, SFO, Director of Finance Ms. Emma J. Coole, CPA, Finance Manager Ms. Courtney H. Deeds, CPA, Finance Manager Ms. Kathleen E. Rawlings, Finance Manager 5937 Cove Road Roanoke, Virginia 24019 www.rcps.us Roanoke County Public Schools Preparing every student, in every school, and in every classroom to be Opportunity Ready. Roanoke County Public Schools Table of Contents June 30, 2020 I NTRODUCTORY S ECTION (UNAUDITED) Letter of Transmittal ............................................................................................................................................................................ 3 School Board Members ...................................................................................................................................................................... 8 Superintendent’s Cabinet .................................................................................................................................................................. 9 Organizational Chart .........................................................................................................................................................................10 Government Finance Officers Association Award .................................................................................................................11 Association of School Business Officials International Award ..........................................................................................12 F INANCIAL S ECTION Report of Independent Auditor ....................................................................................................................................................15 Management’s Discussion and Analysis (Unaudited) ..........................................................................................................17 Basic Financial Statements Government-wide Financial Statements Exhibit A Statement of Net Position .........................................................................................................................32 Exhibit B Statement of Activities ................................................................................................................................33 Governmental Funds’ Financial Statements Exhibit C Balance Sheet .................................................................................................................................................34 Exhibit D Reconciliation of the Balance Sheet to the Statement of Net Position ...................................35 Exhibit E Statement of Revenues, Expenditures and Changes in Fund Balances ...................................36 Exhibit F Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities .............................37 Proprietary Funds’ Financial Statements Exhibit G Statement of Net Position .........................................................................................................................38 Exhibit H Statement of Revenues, Expenses and Changes in Net Position ..............................................39 Exhibit I Statement of Cash Flows ............................................................................................................................40 Fiduciary Funds’ Financial Statements Exhibit J Statement of Fiduciary Net Position .....................................................................................................41 Exhibit K Statement of Changes in Fiduciary Net Position ..............................................................................42 Notes to Basic Financial Statements ....................................................................................................................................43 i Roanoke County Public Schools Table of Contents June 30, 2020 Required Supplementary Information Budgetary Comparison Schedules Exhibit L General Fund ..................................................................................................................................................89 Exhibit M Special Revenue Fund – Grant Fund .....................................................................................................91 Exhibit N Special Revenue Fund – Nutrition Fund ..............................................................................................93 Virginia Retirement System Teacher Plan Exhibit O Schedule of Employer’s Share of Net Pension Liability .................................................................94 Exhibit P Schedule of Employer Contributions ....................................................................................................95 Virginia Retirement System Non-Professional Plan Exhibit Q Schedule of Changes in the Net Pension Liability ...........................................................................96 Exhibit R Schedule of Employer Contributions ....................................................................................................97 Virginia Retirement System Health Insurance Credit Program Exhibit S Schedule of Employer’s Share of Net OPEB Liability ......................................................................98 Exhibit T Schedule of Employer Contributions ....................................................................................................99 Virginia Retirement System Group Life Insurance Program Exhibit U Schedule of Employer’s Share of Net OPEB Liability ................................................................... 100 Exhibit V Schedule of Employer Contributions ................................................................................................. 101 Roanoke County Public Schools Other Postemployment Benefits Plan Exhibit W Schedule of Changes in the Net OPEB Liability ............................................................................. 102 Exhibit X Schedule of Employer Contributions ................................................................................................. 103 Exhibit Y Schedule of Investment Returns .......................................................................................................... 104 Notes to Required Supplementary Information ............................................................................................................ 105 Supplementary Information Budgetary Comparison Schedule Schedule 1 Capital Projects Fund ................................................................................................................................ 109 Internal Service Funds’ Financial Statements Schedule 2 Combining Statement of Net Position .............................................................................................. 111 Schedule 3 Combining Statement of Revenues, Expenses and Changes in Net Position .................... 112 Schedule 4 Combining Statement of Cash Flows ................................................................................................. 113 Agency Fund Financial Statements Schedule 5 Statement of Changes in Fiduciary Assets and Liabilities .......................................................... 116 ii Roanoke County Public Schools Table of Contents June 30, 2020 S TATISTICAL S ECTION (UNAUDITED) Table 1 Net Position by Component .............................................................................................................................. 120 Table 2 Changes in Net Position ...................................................................................................................................... 121 Table 3 Fund Balance of Governmental Funds ........................................................................................................... 122 Table 4 Changes in Fund Balance of Governmental Funds ................................................................................... 123 Table 5 Major Local Revenue Sources – General Fund ........................................................................................... 124 Table 6 Assessed Value and Estimated Actual Value of Taxable Property ...................................................... 125 Table 7 Direct and Overlapping Property Tax Rates ................................................................................................ 126 Table 8 Principal Property Tax Payers ............................................................................................................................ 127 Table 9 Property Tax Levies and Collections ............................................................................................................... 128 Table 10 Ratios of Outstanding Debt by Type .............................................................................................................. 129 Table 11 Ratios of General Bonded Debt Outstanding ............................................................................................